S&P Global Ratings lowered its long-term issuer credit rating on Birmingham, Ala.-based Infinity Property and Casualty Corp. to BBB- from BBB and the financial strength ratings on the company's operating subsidiaries to A- from A with a stable outlook.
At the same time, the ratings were removed from CreditWatch with negative implications.
The action follows Kemper Corp.'s announcement that it completed its acquisition of Infinity Property.
S&P expects Kemper to manage Infinity Property's capital more in line with the group at the AA level. The agency now views Infinity Property as strategically important to Kemper.
The stable outlook reflects S&P's view that Infinity Property and its operating subsidiaries will maintain very strong capital adequacy and strong business risk profiles commensurate with the rating.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.